See how Obligo’s solution helped Stevens Realty save 10 staff hours per week on deposit admin & speed up the move-in process by 96% per renter.

About Stevens Realty

Elliot Rodriguez and Charm Lamigo are property managers at Stevens Realty, a single family property management company with 1700+ units in Tennessee and Oklahoma, using PropertyWare. They started using Obligo to give residents the option to live deposit-free, but also because collecting security deposits had been a massive challenge for them.

The Challenge

Charm Lamigo handles leasing and move-ins at Stevens Realty. Before using Obligo, she was collecting security deposits manually and spending 10-12 hours every week on deposit-related tasks - 30% of her total work week. When a renter’s application gets approved, Charm would need to follow up by call, text or email (sometimes all three) to make sure they pay the deposit. Renters would often be hard to reach, so it could take 2 business days to successfully collect a deposit, and 5 business days to complete the entire move-in process. Charm and her team were looking for a way to reduce operational burden, accelerate move-in timeline and offer a better move-in experience for their renters.

The Solution

Obligo’s flexible security deposit alternative provides an easy-to-use platform that meets Stevens Realty’s needs. At move-in, renters can qualify to live deposit- free with Obligo’s secure Billing Authorization. In exchange for a small fee to

Obligo, qualified residents keep their cash throughout the duration of the lease. Alternatively, renters can choose to pay a traditional deposit electronically through Obligo. At the end of the lease, Elliot can easily collect move-out charges, if any, through the Obligo platform. Stevens Realty also offers mid-lease deposit upgrades, letting residents who are in the middle of their leases sign up for Obligo. Once approved, these residents can have their previously paid security deposits applied to their upcoming rent bill. This is a great retention tool that incentivizes renters to renew instead of moving out.
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“Most of our current tenants are interested in upgrading their security deposits to Obligo’s billing authorization. We've been sending out a lot of invitations!” Charm said. Stevens Realty chose Obligo not only for the flexibility it offers residents, but also for the easy-to-use platform. “The dashboard is simple. It takes only one day to familiarize yourself with the settings, learn how to invite applicants, generate reports or even add charges.” Charm said.

The Results

Obligo has helped Stevens Realty save 10 staff hours per week on the front end, processing applications and move-in payments. Now Charm only spends 1-2 hours per week on deposits. She no longer needs to call renters for follow-up because Obligo automatically sends out reminders. Moreover, it only takes 1-2 hours for a new renter to complete move-in requirements, a 96% reduction in time.

Since they started using Obligo, Stevens Realty has rented out more units, faster. With the marketing assets Obligo provided, they even created a dedicated page on their website to promote deposit-free renting. “It attracts a lot of applicants and prospective renters to Stevens, especially for the properties with higher deposits. Because of Obligo, they want to rent with us instead of other realty companies," Charm said.
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“We love the ability to make the renters’ experience better, allowing them to qualify for deposit-free living,” Elliot said. “Not many people in our area are doing this, and we like to stand out in all that we do.”